In a SMPS the power transistor are continuously switching on and off with high frequency in order to provide the transfer of electric energy via energy storage components (inductors and capacitors). So in general the power transistor and the inductor (transformer) are placed in series, and the transformer accumulates energy in the magnetic field as current flows through it, then transfers all or a portion of this energy into another circuit during the alternate part of the switching cycle. By varying duty cycle, frequency or a relative phase of these transitions an average value of output voltage or current is controlled.
The transformer inductance value determines circuit current, not the resistors.